List of top Accountancy Questions on Partnership asked in CUET (UG)

Which of the following is correct? The important provision affecting partnership accounting, in the absence of a partnership deed is:

ABC & Co. had 3 partners: Alok, Bhavya, and Chirag, sharing profits in 4:3:3. The firm dissolved on 31 March 2024. Assets worth ₹9,00,000 were realized at 80%, creditors of ₹70,000 were paid, and an unrecorded liability of ₹20,000 was settled for ₹15,000. Realization expenses of ₹25,000 were borne by Alok.
Find the amount realized from assets.
What journal entry is made for realization expenses paid by Alok?
The unrecorded liability settled at a lesser value causes:

A newly admitted partner acquires two main rights in the partnership firm.
Identify the correct rights of the newly admitted partner.
(A) Right to share assets of the partnership firm
(B) Right to claim interest on capital
(C) Right to claim remuneration for firm’s work
(D) Right to share profits of the partnership firm
Choose the correct answer from the options given below:

Partnership Amit, Babu, and Charu set up a partnership firm on April 1, 2022. They contributed 50,000, 40,000, and 30,000, respectively, as their capitals and agreed to share profits and losses in the ratio of 2:2:1. Amit is to be paid a salary of 1,000 per month and Babu, a commission of 5,000. It is also provided that interest is to be allowed on capital at \(6\%\) p.a. The drawings for the year were: Amit 6,000, Babu 4,000, and Charu 2,000. Interest on drawings of 300 was charged on Amit’s drawings, 200 on Babu’s drawings, and 100 on Charu’s drawings. The net profit as per the Profit and Loss Account for the year ending March 31, 2023, was 55,000 before charging the manager’s commission. The manager was allowed a commission of \(10\%\) on the net profit after charging such commission.

A, B, C were partners in a partnership firm their profit sharing ratio was 5:3:2. B retires and the new profit sharing ratio between A and C was 3:2. Calculate gaining ratio.

The content of Partnership deed includes:
A. Name and address of all partners
B. Method of settlement of disputes among partners
C. Deed once made cannot be altered
D. Rules regarding operation of Bank account
E. Verbal agreement between partners is considered as deed
Choose the correct answer from the options given below:

Identify that will lead to dissolution of partnership

Arrange the following in the context of dissolution of partnership firm.
A. Payment of loan from Partners
B. Payment of secured outsider's liabilities
C. Realisation of assets into cash
D. Settlement of partner's capital
E. Payment of unsecured outsider's liability
Choose the correct answer from the options given below:

Arrange the following in the context of Accounting for partnership.
A. Preparation for Trading and Profit and Loss Account.
B. Calculation of divisble profit or Loss.
C. Preparation of profit and loss Appropriation Account.
D. Preparation of Balance Sheet.
E. Preparation of partner's capital Account.
Choose the correct answer from the given below :

Arrange the following statements in proper sequence in context of admission of partner.
A. Finalising terms for admission of new partner
B. Calculation of sacrificing/ gaining ratio
C. Finalising balance in partner's capital A/c
D. Calculation of new profit sharing ratio
E. Valuation and adjustment of goodwill
Choose the correct answer from the options given below:

In the absence of partnership agreement, mutual relations of partners are governed by the ________